CBN assures stability of Union Bank after court ruling 

The Central Bank of Nigeria, CBN, has acknowledged the judgment of the Federal High Court in Lagos over its regulatory action against Union Bank of Nigeria Plc, UBN, in 2024.

The apex bank, in a statement, noted it is in the process of obtaining the Certified True Copy of the judgment and will review it carefully before further actions

Reaffirming its unwavering commitment to the rule of law, the CBN, in the statement signed by its Director, Corporate Communications, Hakama Sidi Ali said, as the apex regulatory authority in the banking sector, it remains committed to acting in accordance with its mandate and established legal processes.

The statement read partly, “The CBN assures the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.

“The CBN will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system.”

CBN assures stability of Union Bank after court ruling